An externality is defined as

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    the value of a cost or benefit generated by a market transaction that is borne by a third party and not included in the market price.
     the value of a cost or benefit generated by a market transaction that is borne by a third party and added to the final market price.
     the market price of intermediate goods used in the production of a final good or service.
     the market price of a good or service less the cost of intermediate goods used in the production process.
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

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the value of a cost or benefit generated by a market transaction that is borne by a third party and not included in the market price.
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)

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